Tokyo stocks rise on broad buying after US Treasury's bond support
TOKYO (Kyodo) -- Tokyo stocks rose Thursday morning with buying spreading to a broad range of sectors as Japanese bond yields fell following the decli
Tokyo stocks experienced a morning surge on Thursday as investors flocked to buy a diverse range of sectors. The Nikkei Stock Average, which comprises 225 issues, increased by 656.07 points, or 1.00 percent, to reach 65,982.49. The Topix index, a broader measure of market performance, also rose by 36.41 points, or 0.91 percent, to 4,048.72. Concurrently, the U.S. dollar strengthened, reaching the mid-158 yen level in Tokyo after a brief decline prompted by a drop in U.S. Treasury yields.
In contrast to the bullish sentiment in Japanese equities, automobile shares underperformed as the yield on the 10-year Japanese government bond declined. This drop in bond yields also benefited medical and service sector stocks, which saw increased buying. The market's reaction was tempered by the ongoing tensions in the Middle East, a factor that contributed to elevated interest rates.
Despite the challenges, the overall positive outlook, driven by U.S. Treasury's commitment to double its long-term bond buybacks, propelled Tokyo stocks to a higher valuation.
Written by urgent.news from The Mainichi's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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